Quiz_5 - Quiz #5 1. Which of the following financial...

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1 Quiz #5 1. Which of the following financial statement(s) reports both current and noncurrent assets and liabilities? A. Choice A B. Choice B C. Choice C D. Choice D 2. Which of the following should not be reported as a liability of the General Fund? A. General obligation bonds payable (due in 10 years). B. Vouchers payable. C. Tax anticipation notes payable. D. Due to federal government. 3. When a computer is ordered by a department of the government, the purchase order should be recorded in the General Fund as a debit to A. Appropriations. B. Equipment. C. Encumbrances. D. Expenditures. 4. The Town of Ashland levied property taxes in the amount of $800,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include A. A debit to cash for $792,000. B. A credit to revenues for $792,000. C. A debit to estimated uncollectible current taxes for $8,000. D. A debit to estimated revenues for $800,000. 5. An interfund transfer should be reported in a governmental fund operating statement as a(an) A. Revenue or expenditure. B. Due from or due to other funds. C. Change in fund balance. D. Other financing source or use.
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2 6. Using the information below, what amount should be accounted for in a special revenue fund or funds? A. $1,800,000. B. $2,100,000. C. $3,300,000. D. $5,350,000.
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This note was uploaded on 02/23/2010 for the course ACCT 34231 taught by Professor Navaroli during the Spring '10 term at CSU San Bernardino.

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Quiz_5 - Quiz #5 1. Which of the following financial...

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